MARKET TALK: HansonWesthouse Upgrades BP To Buy

0932 GMT [Dow Jones] HansonWesthouse upgrades BP (BP) to buy from hold after the company dealt with near-term uncertainty over the cost of the Gulf of Mexico oil spill. The establishment of a $20 billion oil spill fund, "will alleviate much of the political pressure that has been building in the US. While Tony Hayward must still face Congressional hearings later today [Thursday] he does so in a better position than he would have done earlier in the week," HansonWesthouse says. "The cancellation of the dividend is regrettable, the shares now appear to be undervalued in the short-to-medium term," it adds. [no price target]. Shares +7.7% at 363p. (james.herron@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 17, 2010 05:32 ET (09:32 GMT)